Oil extends decline as demand worries mount
Oil futures fell again on Wednesday after a sharp slide in the previous session, as a rebound in Covid-19 cases in some countries undermined hopes for a steady recovery in global demand.
Brent crude was down 19 cents, or 0.5%, at $39.59 a barrel by 0656 GMT after dropping more than 5% on Tuesday to fall below $40 a barrel for the first time since June.
US crude was down 24 cents, or 0.7%, at $36.52 a barrel, having fallen nearly 8% in the previous session.
Both major oil benchmarks are trading at around three-month lows.
The global health crisis continues to flare unabated with coronavirus cases rising in India, Great Britain, Spain and several parts of the United States.
